DC Lite #293 [CORRECTED]

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1. Government receipts vs. tariffs. "Tax receipts on imports basically doubled during Trump’s first round of trade salvos."

2. ISM Manufacturing PMI. "US factory activity expanded last month for the first time since 2022 as orders ramped up and production quickened, pointing to a brighter manufacturing outlook."

3. Funding spreads. Funding spreads have dropped sharply over the past month which suggest professional investors are reducing leveraged exposure.

4. Earnings revisions. Citi's earnings revisions index has been negative for 6 consecutive weeks.

5. AI vs. Dotcom valuations. And finally, “the good news is that current valuations are nothing like Dotcom. That's because we have a bubble in E rather than P.”